Tokyo Steel Hikes Ferrous Scrap Purchase Price by 500 yen/t

Tokyo Steel Manufacturing increases the ferrous scrap purchase price by 500 yen per tonne at all plants effective on Thursday. The scrap market price is firm due to tight supply. Other electric furnace steel makers could increase the purchase price to follow Tokyo Steel.

Scrap market price is firm at around 21,500 yen per tonne for H2, around 23,300 yen for H1 and around 25,000 yen for HS at the dealers’ purchase price including freight around Tokyo. Local electric furnace steel makers pay 28,000-29,500 yen around Tokyo.

The dealers around Tokyo increased the purchase price by 1,000-1,500 yen per tonne in the week to secure the material when local steel makers increase the purchase price. Tight supply could lift the scrap prices more while local steel makers plan summer time maintenance outage.